Fighting Obama's Latest Attempt to Leave Oklahoma Families Behind

Statement

Planning for retirement can be confusing. Unless you really do your homework, it's hard to know what investments to choose, how much money to put into savings, and how much you should put towards your 401(k) or pension plan each month.

This is why we have financial advisors. Families and small businesses rely on their local advisors for investment and retirement advice.

Now, the Obama administration is pushing a regulation that will make it more expensive and difficult for our families and businesses to get the advice they need.

You may have heard this regulation referred to as the "fiduciary rule."

Under current law, some of the services offered by our local financial institutions, like general investment and retirement education, are held to what's called a "suitability standard." This standard protects investors, and it also allows financial advisors to serve small businesses and families with small investment portfolios.

The big banks on Wall Street are regulated differently than our local financial advisors, and for good reason. But now, the Department of Labor (DOL) is attempting to use its fiduciary rule to hold our local advisors to the same expensive regulatory standards as the big investment banks.

I voted this week to stop the DOL from doing this, because I have heard from many Oklahoma investment advisors that they won't be able to afford to serve small businesses and families if the fiduciary rule goes into effect.

Too many Oklahomans are already on track to retire without enough savings, so the last thing the government should do is make it harder for our families to get the advice they need.

We've seen time and again this president push policies that leave Oklahoma families behind. I helped pass the resolution that would stop this particular regulation from moving forward, and I will continue to fight on your behalf.

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